Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- The important $8.98 help degree broke after intense promoting strain.
- Longs bore the brunt with $277.96k price of liquidation.
The bearish shelling of the $8.98 help degree by Cosmos [ATOM] sellers yielded vital outcomes over the previous 24 hours. ATOM’s value had stagnated on the help degree between 24 July and 31 July, with bulls refusing to surrender the extent.
Learn Cosmos’ [ATOM] Worth Prediction 2023-24
Nevertheless, the bearish sentiment available in the market, led by Bitcoin [BTC] dipping below $29k caught up with ATOM. With bears clearing this key degree and ATOM retaining its bearish market construction, additional losses may very well be looming.
Bulls protection caves in to promoting strain
Supply: ATOM/USDT on Buying and selling View
After ATOM did not progress past the $10 value degree, it confronted waves of promoting strain. Because the promoting strain intensified, bulls put up a week-long protection of the $8.98 help degree. Conversely, a break under this key degree might usher in a brand new vista of positive aspects for sellers.
The Relative Power Index (RSI) highlighted the power of the bearish momentum. The RSI remained sub-50 since 22 July and edged nearer to the oversold with a studying of 36, as of press time. Equally, the On Stability Quantity (OBV) continued to development decrease, hinting at sellers gaining the higher hand.
A glance southward confirmed that bears may very well be aiming for a June low of $7.2. Nevertheless, the $8 degree stands of their manner, as bulls have rallied from that value zone up to now. Secure short-term targets for bears will lie at $8.2 and $8.5.
A bullish rebound for ATOM might be extremely depending on Bitcoin reversing a few of its latest losses. Else, sellers will retain the momentum and proceed driving the bearish wave.
Longs terribly harm by break in important help degree
Supply: Coinglass
How a lot are 1,10,100 ATOMs price as we speak?
ATOM longs within the futures market suffered horrible losses, as a result of breach of the help degree. Knowledge from Coinglass confirmed that $277.96k price of lengthy positions have been liquidated over the previous 24 hours. This represented 98.4% of the whole liquidations throughout the interval.
Shorts rapidly seized the initiative to dominate the lengthy/brief ratio with a 52% share of open contracts. Collectively, this strengthened the leverage sellers maintain within the close to time period.
Supply: Coinglass
